Employee turnover is something that companies of any size and industry need to keep a close eye on. And if you fail to fix employee turnover in your organization, the side effects can be dangerous:
- Loss of time and money. It’s more expensive for an employer to replace good talent than it is to retain good talent.
- Loss of knowledge. When an employee leaves your company, their valuable knowledge and skills leave as well.
- Loss of productivity. Employers need to spend time screening, interviewing and hiring new talent. In the meantime, another employee might need to be trained as a temporary replacement. Or, the position remains empty until a new hire is in place. Whatever the case, productivity suffers.
- Domino effect. Many times, when one employee leaves, more follow suit.
There are many reasons why an employee might leave his job. Here are some of the most common reasons:
- The job is not what they thought it would be
- Lack of job training
- Too much overtime/lack of staffing
- Feeling underappreciated
- Limited growth opportunity
- Poor pay and benefits
- Lack of trust and confidence in management/leadership
High employee turnover is a serious issue that should be addressed as soon as the trend is noticed. Here are 3 ways that organizations can help fix employee turnover and increase retention rates.
1 – Keep Employees Engaged
Employees are happiest and most successful in their job when they’re engaged. There are lots of ways an employer can make sure that happens. Offer learning and development opportunities – this could include work-related seminars or eLearning sessions, cross-training opportunities, or paid tuition for an employee to learn a new skill set outside of work.
Employees are also more engaged when they know what’s happening within the company. Transparent and regular communication from leadership is key. Employees are also more engaged when they have good relationships with their colleagues and managers. Having team-building events like a field trip, offsite dinner or volunteer service project can help increase employee engagement and ultimately job satisfaction.
2 – Recognize and Reward Employees
Today’s workforce, especially those who are younger, wants to know they’re contributing and making a difference through the work they do. That’s why it’s important for employers to recognize their efforts and reinforce their value to the company. When crafting company goals and strategy, include employee input. And ask for their suggestions when implementing new employee policies and benefits.
When employees go above and beyond, employers should reward them accordingly. And it doesn’t have to be in the form of a pay raise or bonus. There are many ways to reward today’s employees – extra paid time off, flex hours or a company contribution to the employee’s favorite charity.
3 – Staff Appropriately
Certain work environments like understaffing can lead to employees experiencing a higher level of work dissatisfaction, stress and job burnout. This often leads to employee turnover.
Employers can fix employee turnover stemming from understaffing and overtime by working with an employment agency. Most agencies can help screen, interview and hire talent for different employment scenarios – temporary/contract hires, temp-to-hire workers or direct placement. They’ll help determine the best hiring option based on your current and future needs.
If your organization is experiencing high employee turnover and could use some help hiring top talent, connect with A.R. Mazzotta. With four offices located throughout CT, we’re here to help!